The common interest rate that savers typically encounter in deposit accounts.
Kick back and get ready to boost your bank game, 'cause we're talking about high-yield savings accounts here. Forget settling for the average savings account rate, 'cause that's not gonna cut it. You need an annual percentage yield (APY) that's a multiple of the national average, and high-yield savings accounts are the way to go. They're easy to find with a low minimum balance requirement, and they offer a competitive return.
National Average APY for Savings Accounts
But what's the national average savings account APY, you ask? Well, our survey shows it's currently a measly 0.6% APY as of May 04, 2025. But with the best high-yield savings accounts? They're paying upwards of 4% APY!
How We Calculate the National Average
We survey nearly 500 banks and credit unions weekly to generate these national averages. We include institutions that are widely available and offer high yields, plus some of the nation's biggest banks.
Interest Rates for Linked Checking and Savings
Linking your savings account to a checking account is one method to earn a higher yield at some banks. This is often called a relationship rate, and it's more common at brick-and-mortar banks.
For example, at U.S. Bank, to get a higher APY, you can pair a qualifying checking account with a Bank Smartly savings account. Your relationship rate could be significantly higher than the standard rate, depending on your balance:
- The standard APY on Bank Smartly savings is 0.05% APY on any balance.
- But if you have another qualifying U.S. Bank account and have $5,000 or less across accounts, you'll earn 1% APY.
- With at least $25,000 in combined balances across accounts, you'll earn 3% APY or more.
But keep in mind, online banks offer higher APYs with lower minimum balance requirements. They usually don't have monthly fees either, and pay high APYs on all balances.
The Bottom Line
Before you settle for a savings account at a brick-and-mortar bank, compare online banks. You're likely to find lower minimum balances, no monthly fees, and the same APY on all balances. Not to mention these savings account interest rates will usually be higher than what you'll earn from a savings account at a traditional bank, even with a relationship rate.
So, use the national average savings rate as your benchmark. With a calculator in hand, you should be able to find a bank offering an APY multiple times higher than the national average. The power of compounding means your interest will earn interest, boosting your savings over time.
- The national average APY for savings accounts is currently 0.6% as of May 04, 2025, but high-yield savings accounts offer APYs that are significantly higher, often reaching upwards of 4%.
- To generate national averages, we survey nearly 500 banks and credit unions weekly, including institutions that are widely available, offer high yields, and some of the nation's biggest banks.
- Linking your savings account to a checking account can help earn a higher yield at some banks, often called a relationship rate, more common at brick-and-mortar banks.
- Consider comparing online banks before settling for a savings account at a brick-and-mortar bank. Online banks offer lower minimum balances, no monthly fees, and the same APY on all balances, often providing higher savings account interest rates than traditional banks, even with a relationship rate.
